Question

calculate the amount,if Rs 15,000 is lent at compound interest for 2 years and the rates for the successive years are 8% p.a and 10% p.a. respectively

Answer 1

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Answer 2

Given:

P = ₹15,000

n = 2 years

r1 = 8%

r2 = 10%

We know that:

Amount = P(1 + r1/100)(1 + r2/100)

Solution:

Amount = P(1 + r1/100)(1 + r2/100)

= 15000(1 + 8/100)(1 + 10/100)

= 15000(27/25)(11/10)

= ₹17,820

Answer:

Therefore, the amount after 2 years is ₹17,820